MGL has a strong gas pipeline infrastructure of 5393 km in Mumbai and its adjoining areas. CNG and domestic PNG penetration in geographical areas (GA1 & GA2) is at ~35%. Additionally, MGL's planned capex in Pen, Uran and Karjat areas provides visibility for volume growth in the medium to long term. In the CNG segment, MGL plans to add 25 CNG stations per year for the next three years to the existing network of 244 CNG stations. We expect MGL's volumes to increase at ~5% CAGR in FY19-21E. Given the cost economics of natural gas over other alternative fuels in conjunction with...